Despite home sales falling between December of 2017 and January of this year, the number of homes sold last month was up when comparing year-over-year, according to the B.C. Real Estate Association (BCREA).
There were 5,306 homes sold last month, an increase of 18.3 per cent from January of 2017.
The average home price last January in B.C. was $721, 477, an increase of 16.2 per cent from the same period the year prior.
The number of active listings in the province went down 8.6 per cent to 20,901 units when comparing to January 2017.
BCREA Chief Economist Cameron Muir says the new mortgage rules in place likely had an impact.
“New mortgage rules requiring conventional borrowers to qualify at a higher interest rate likely contributed to the decline in home sales last month. The impact was magnified by a strong December as many households advanced their purchase decisions ahead of the policy’s implementation.”
The BCREA also says market conditions have tightened in a number of areas, with the exception of Victoria, where the sales-to-active listings ratio went down from 46.3 per cent to 40.5 per cent.
Even with that decrease, Victoria is still considered to be a strong sellers’ market.